How to apply to Bank of America Cash Rewards Secured Visa Credit Card

Tailored for credit development or rebuilding, this secured card offers accessibility by requiring a necessary security deposit. It’s especially appealing to individuals with limited credit history or past credit challenges. Stand out with this card’s dynamic cashback rewards program.

The Key Benefits of Bank of America Cash Rewards Secured Visa Credit Card

Credit Building Assistance: Improve your credit profile with this card, which provides a good opportunity to strengthen your financial situation.
Customizable benefits: Tailor your benefits by selecting a 3% cashback category corresponding to your buying habits.
2% Cash Back Boost: Get an extra 2% cash back at grocery shops and wholesale clubs, boosting your benefits for routine purchases.
Steady 1% Cash Back: Earn a regular 1% cash back on all other purchases, assuring continued incentives across the board.
3% Bonus Category: Earn a total of 3% cash back (equal to $0.03 for every $1 spent) on net purchases made at eligible merchants in one Choice Category selected by the cardholder. The default Choice Category is Gas & Electric Vehicle Charging Stations, but can include Online Shopping, Dining, Travel, Drug Stores, or Home Improvement/Furnishings.
Security Deposit Required: As a secured credit card, the required security deposit makes it an accessible alternative for those with various credit histories.
Progress to Unsecured: Show responsible use, and you might qualify for an upgrade to an unsecured card, marking advancement in your credit journey.
Choice Category: Cardholders can change their 3% Choice Category once per calendar month via Online Banking or the Mobile Banking app.

Prerequisites

Here is the eligibility criteria to apply for this credit card as:

Minimum security deposit: $200 required to open an account
Maximum deposit option: Up to $5,000 can be deposited.
Credit limit determination: Your credit limit is influenced by factors like the size of your security deposit, income, and demonstrated ability to manage the assigned credit line responsibly.

About the Bank of America

In the Bank of America, they serve clients through collaboration, responsible actions, valuing their team’s potential, and fostering trust. These principles propel the mission to enhance financial well-being through meaningful connections. As a result, they’re effecting positive change within their industry and communities across the globe.

Who is this Secured Credit card for?

The card’s protected structure, requiring a minimal security deposit, enables accessibility for people with limited credit history or previous issues. A valuable asset for effective credit management, it comes with the added perk of cashback benefits.

Positives and Negatives of the Card

Positives:

Credit Building Advantage: It is an excellent tool for creating or rebuilding credit, allowing people with little or no credit history to demonstrate responsible credit management.
Versatile benefits: Cardholders benefit from the ability to choose a category for 3% cash back, providing customizable benefits that are linked with individual purchasing habits.
2% Cash Back: The card offers 2% cash back in grocery shops and wholesale clubs, boosting rewards for daily purchases and improving overall cash back advantages.
Consistent 1% Cash Back: Get a consistent 1% cash back on all other purchases, delivering constant rewards across various purchasing areas.

Negatives:

Security Deposit Requirement: While necessary for the card’s structure, the security deposit may be difficult for people with little income because it directly affects the credit limit.
Annual charge: Including a yearly cost may concern those looking for a card without this added expense.
Possible Higher APR: Depending on creditworthiness, the card may have a higher APR, affecting the expenditures associated with holding a debt.
Foreign Transaction Costs: International transactions with the card may incur expenses, thus making it less appealing to regular travelers.

How to unlock Bank of America Cash Rewards Secured Visa Credit Card

Activate your Credit Card by starting with the necessary security deposit—it’s a crucial part of the activation process. Once approved, receive your card and follow the provided instructions to activate it.

Make regular payments, remain under your credit limit, and manage your funds properly to ensure responsible use. The card is a useful tool for establishing or repairing credit, with the possibility of future upgrades to an unsecured credit card based on appropriate credit management.

Unleash its full potential over time by using it consistently and responsibly.

Fees and tariffs

The following fees are associated with the credit card are:

Annual charge: Users must pay a yearly amount, which is a regular cost of card ownership.
Initial Security Deposit: Start the account with a refundable security deposit, which sets the initial credit limit.
APR and Fees: The card might come with an APR for balances carried over, possible charges for international transactions, and penalties for late payments. Awareness of these expenses is essential to handle the card correctly.

Step by step to apply for Bank of America Cash Rewards Secured Visa Credit Card

Swift Response: Submit your information for a response in as little as 30 seconds.
Bank of America Account Holders: If you already have an account with Bank of America, we’ve got you covered.
Identity Details: Supply your first name, middle name (if applicable), last name, and suffix (if applicable).
Residence Details: Enter your residential address, including line 1 and optional line 2, city, state, and ZIP code. Let then know if you prefer statements sent elsewhere.
Contact Information: Share your primary phone number, specify if it’s mobile or landline, and provide your email address. Note that by giving your phone number, you agree to automated communication methods (message and data fees may apply).

PRESS TO HERE TO ACCESS THE BANK OF AMERICA CASH REWARDS SECURED VISA CREDIT CAR WEBSITE

Customer service

For help reach out to us through the following methods:

Call the Bank: Dial the customer service number on the back of your card or find it on the Bank of America website for a chat with the helpful team.
Visit the Website: Check out the Bank of America website for all the info about the Cash Rewards Secured Credit Card and find ways to get in touch.
Chat Online: If you like chatting, visit the bank website to connect with our team in real time through online chat.
Please send a Message: Log in to your online banking account and use the secure message center to drop a line about your card.

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Discover other credit cards in our website, like the Wells Fargo Active Cash Visa Credit Card!